Mallard Research

Looking for intrinsic value. Check out my substack for deep dives. Not investment advice.

[Mallard Research @MallardResearch]

Sato Food Industries - $2824.T

P/(NCAV+IS): 59%
P/BV: 47%
Negative EV

[Mallard Research @MallardResearch]

New writeup out now! This time, I cover a stable & profitable Japanese net-net with a 150% of market cap covered by cash & securities. I expect profitability to improve from here, driving returns. TSE reforms are the cherry on top! 🇯🇵

Link in comments/bio

[Mallard Research @MallardResearch]

@rhomboid1MF I was wondering if I should specify... 😅

[Mallard Research @MallardResearch]

Time to go net-net hunting in Korea

[Mallard Research @MallardResearch]

Posted decent earnings today, up +12%.

Will post a detailed overview this weekend.

[Mallard Research @MallardResearch]

$5592.T operates Japan’s 🇯🇵 largest pharmacy reservation platform.

• 34% EBIT CAGR
• Network effects
• Recurring revenue & high margins
• Hikari Tsushin owns 40%
• Proven management team

Trading at a 40% discount to peers likely due to forced selling.

Link in bio

[Mallard Research @MallardResearch]

$5592.T operates Japan’s 🇯🇵 largest pharmacy reservation platform.

• 34% EBIT CAGR
• Network effects
• Recurring revenue & high margins
• Hikari Tsushin owns 40%
• Proven management team

Trading at a 40% discount to peers likely due to forced selling.

Link in bio

[Mallard Research @MallardResearch]

https://t.co/yobw4nIkUn

[Mallard Research @MallardResearch]

$5592.T operates Japan’s 🇯🇵 largest pharmacy reservation platform.

• 34% EBIT CAGR
• Network effects
• Recurring revenue & high margins
• Hikari Tsushin owns 40%
• Proven management team

Trading at a 40% discount to peers likely due to forced selling.

Link in bio

[Mallard Research @MallardResearch]

@Tintincapital @rhomboid1MF For most documents I use https://t.co/NCIYjFNXqp suggested by @AltayCapital usually this is good enough and much better with tables and images than google translate. If it’s not good, I then go for LLMs as they are very good as long as you feed it one page or screenshot at a time

[Mallard Research @MallardResearch]

@rhomboid1MF Not at all, unfortunately. Makes it very difficult at times. But searching and translating through AI has been very useful.

[Mallard Research @MallardResearch]

@InvestInJapan Earnings will be coming out this week so the goal is to finish editing by then 😅

[Mallard Research @MallardResearch]

After a year-long hiatus, I’ll publish a new deep dive tommorow!

This stock came up on my Magic Formula screener recently. High growth, recurring revenue, network effects & favourable macro tailwinds.

@InvestInJapan One of my favourite authors here has written a 2-pager on it.

[Made in Japan 🇯🇵 @InvestInJapan]

By far my laziest idea. Some reasons I thought this Jocky bet $5592.JP was interesting 🧵

- Network Effects
- Scale Benefits
- Shareholder value+ IRR Focus
- Disciplined M&A for Healthcare Software = Potential $CSU like strategy?
- 20%+ Earnings growth projected but this could be sandbagging ??

[Mallard Research @MallardResearch]

Biggest mistakes this Q
Making $EVC only a 1% position
Selling $TEA.AX due to macro noise
Not buying $DBO.TO < 0.7 due to macro noise

[Mallard Research @MallardResearch]

@and_valleys @Mr_Neutral_Man Lower leverage provides balance sheet capacity that can be deployed during market dislocations, creating potential upside not reflected in current earnings.

[Mallard Research @MallardResearch]

@finphysnerd Curious on your thought about risk and sizing this vs something like $INPP

[Mallard Research @MallardResearch]

@MontvilleCap @IggyOnInvesting Honestly, I just dont think they are the buyback type unfortunately. When it comes to capital allocation, none of their explanations sound genuine to me.

[Mallard Research @MallardResearch]

@Ben_ValueInvest Yes, I also tried buying RKW

[Mallard Research @MallardResearch]

Value investing is finding a Herman Miller Aeron chair next to a dumpster.

[Lee Roach @leevalueroach]

If you’ve never climbed into a dumpster to find something to sell, you’re not a deep value investor. You’re just a guy who likes cheap P/E ratios

[Mallard Research @MallardResearch]

Me to the world leaders after buying European chemical and construction stocks:

[Mallard Research @MallardResearch]

@evfcfaddict @AnonValue My best guess too, the fact that it went up 3% yesterday makes me think a lot of traders wanted in to make a quick buck.